Home › Forums › Closed Forums › Buying and Selling RE › Loans for rental properties?
- This topic has 90 replies, 6 voices, and was last updated 14 years ago by
bearishgurl.
-
AuthorPosts
-
June 12, 2010 at 2:07 PM #564106June 12, 2010 at 2:26 PM #564009
blahblahblah
Participant[quote=bearishgurl][quote=CONCHO]I guess you two missed the part of my post in which I said that I would continue saving until I could afford to purchase one safely.[/quote]
No, I didn’t miss that, Concho. I’m just very bearish on condos in general. I feel they are a bad investment because indiv. owners of unit(s) lack control over so many desireability, rentability and condition factors. In my mind, predicting the future of most condo associations is nothing but a “crapshoot.”[/quote]
You also missed the part of my post in which I said that there could be good investments in some buildings. Every building is different. I agree with you in general though, they are not a sure bet by a long shot. But I have seen one in the last week that would be cash-flow-positive on day one. Of course there could be HOA issues, that is always hanging out there as a potential problem. But SFRs and multi-family units have other issues like termites, old construction, etc… so they’re not perfect either.
I think if one chooses very carefully though you might be able to get a decent bit of rental income in your retirement and a little work 30 years from now doing management of a couple of your own properties.
June 12, 2010 at 2:26 PM #564116Participant[quote=bearishgurl][quote=CONCHO]I guess you two missed the part of my post in which I said that I would continue saving until I could afford to purchase one safely.[/quote]
No, I didn’t miss that, Concho. I’m just very bearish on condos in general. I feel they are a bad investment because indiv. owners of unit(s) lack control over so many desireability, rentability and condition factors. In my mind, predicting the future of most condo associations is nothing but a “crapshoot.”[/quote]
You also missed the part of my post in which I said that there could be good investments in some buildings. Every building is different. I agree with you in general though, they are not a sure bet by a long shot. But I have seen one in the last week that would be cash-flow-positive on day one. Of course there could be HOA issues, that is always hanging out there as a potential problem. But SFRs and multi-family units have other issues like termites, old construction, etc… so they’re not perfect either.
I think if one chooses very carefully though you might be able to get a decent bit of rental income in your retirement and a little work 30 years from now doing management of a couple of your own properties.
June 12, 2010 at 2:26 PM #563410Participant[quote=bearishgurl][quote=CONCHO]I guess you two missed the part of my post in which I said that I would continue saving until I could afford to purchase one safely.[/quote]
No, I didn’t miss that, Concho. I’m just very bearish on condos in general. I feel they are a bad investment because indiv. owners of unit(s) lack control over so many desireability, rentability and condition factors. In my mind, predicting the future of most condo associations is nothing but a “crapshoot.”[/quote]
You also missed the part of my post in which I said that there could be good investments in some buildings. Every building is different. I agree with you in general though, they are not a sure bet by a long shot. But I have seen one in the last week that would be cash-flow-positive on day one. Of course there could be HOA issues, that is always hanging out there as a potential problem. But SFRs and multi-family units have other issues like termites, old construction, etc… so they’re not perfect either.
I think if one chooses very carefully though you might be able to get a decent bit of rental income in your retirement and a little work 30 years from now doing management of a couple of your own properties.
June 12, 2010 at 2:26 PM #564401Participant[quote=bearishgurl][quote=CONCHO]I guess you two missed the part of my post in which I said that I would continue saving until I could afford to purchase one safely.[/quote]
No, I didn’t miss that, Concho. I’m just very bearish on condos in general. I feel they are a bad investment because indiv. owners of unit(s) lack control over so many desireability, rentability and condition factors. In my mind, predicting the future of most condo associations is nothing but a “crapshoot.”[/quote]
You also missed the part of my post in which I said that there could be good investments in some buildings. Every building is different. I agree with you in general though, they are not a sure bet by a long shot. But I have seen one in the last week that would be cash-flow-positive on day one. Of course there could be HOA issues, that is always hanging out there as a potential problem. But SFRs and multi-family units have other issues like termites, old construction, etc… so they’re not perfect either.
I think if one chooses very carefully though you might be able to get a decent bit of rental income in your retirement and a little work 30 years from now doing management of a couple of your own properties.
June 12, 2010 at 2:26 PM #563507Participant[quote=bearishgurl][quote=CONCHO]I guess you two missed the part of my post in which I said that I would continue saving until I could afford to purchase one safely.[/quote]
No, I didn’t miss that, Concho. I’m just very bearish on condos in general. I feel they are a bad investment because indiv. owners of unit(s) lack control over so many desireability, rentability and condition factors. In my mind, predicting the future of most condo associations is nothing but a “crapshoot.”[/quote]
You also missed the part of my post in which I said that there could be good investments in some buildings. Every building is different. I agree with you in general though, they are not a sure bet by a long shot. But I have seen one in the last week that would be cash-flow-positive on day one. Of course there could be HOA issues, that is always hanging out there as a potential problem. But SFRs and multi-family units have other issues like termites, old construction, etc… so they’re not perfect either.
I think if one chooses very carefully though you might be able to get a decent bit of rental income in your retirement and a little work 30 years from now doing management of a couple of your own properties.
June 12, 2010 at 2:49 PM #563440bearishgurl
Participant[quote=CONCHO] . . . But SFRs and multi-family units have other issues like termites, old construction, etc… so they’re not perfect either.
I think if one chooses very carefully though you might be able to get a decent bit of rental income in your retirement and a little work 30 years from now doing management of a couple of your own properties.[/quote]
Concho, you can kill termites with tent fumigation that YOU YOURSELF contract on YOUR OWN SFR (personal residence OR rental). Then you will have at least a two-year guarantee that they will not come back. You will NOT be in charge of a condo assn’s pest control contract nor will the assn. EVER likely tent fumigate, which is the ONLY KNOWN REMEDY to kill all living termites (and any other living thing left in there while the gas is dispersed).
Oftentimes, pier and post (heavy cedar/redwood piers) with a 2.5 high concrete stemwall (and perhaps another bracing wall down the middle) with a crawlspace makes it not only easier to replace plumbing but it is easier to inspect for termites. These types of homes (in CA) are a minimum of 60 years old and they are MUCH BETTER-BUILT that newer construction. You can always replace old sash or leaky windows and rehab this property little by little between tenants or even lay a new floor in a room while your loyal tenant is residing there!
With a condo, you will be paying 2-3 times the current HOA dues in 20-30 years (if they’re still “solvent”) plus whatever special assessments the Board of Directors votes in. As a retiree, you will have NOTHING TO DO but collect rent and listen to tenants whine about flaws within the unit that they want fixed. Any complaints your tenants have OUTSIDE THE WALLS of your unit will have to be directed to the HOA if they are legitimate. And let me tell you that HOA Boards will typically NOT SIDE with tenant-complaints.
Concho, had you considered purchasing a small, perhaps <1000 sf SFR for a rental? There are currently a few of these avail in 91910 for $225K to $275K. Perhaps you could snag one for less and add the amount of HOA dues you would have paid into your retirement fund every month!
June 12, 2010 at 2:49 PM #564039Participant[quote=CONCHO] . . . But SFRs and multi-family units have other issues like termites, old construction, etc… so they’re not perfect either.
I think if one chooses very carefully though you might be able to get a decent bit of rental income in your retirement and a little work 30 years from now doing management of a couple of your own properties.[/quote]
Concho, you can kill termites with tent fumigation that YOU YOURSELF contract on YOUR OWN SFR (personal residence OR rental). Then you will have at least a two-year guarantee that they will not come back. You will NOT be in charge of a condo assn’s pest control contract nor will the assn. EVER likely tent fumigate, which is the ONLY KNOWN REMEDY to kill all living termites (and any other living thing left in there while the gas is dispersed).
Oftentimes, pier and post (heavy cedar/redwood piers) with a 2.5 high concrete stemwall (and perhaps another bracing wall down the middle) with a crawlspace makes it not only easier to replace plumbing but it is easier to inspect for termites. These types of homes (in CA) are a minimum of 60 years old and they are MUCH BETTER-BUILT that newer construction. You can always replace old sash or leaky windows and rehab this property little by little between tenants or even lay a new floor in a room while your loyal tenant is residing there!
With a condo, you will be paying 2-3 times the current HOA dues in 20-30 years (if they’re still “solvent”) plus whatever special assessments the Board of Directors votes in. As a retiree, you will have NOTHING TO DO but collect rent and listen to tenants whine about flaws within the unit that they want fixed. Any complaints your tenants have OUTSIDE THE WALLS of your unit will have to be directed to the HOA if they are legitimate. And let me tell you that HOA Boards will typically NOT SIDE with tenant-complaints.
Concho, had you considered purchasing a small, perhaps <1000 sf SFR for a rental? There are currently a few of these avail in 91910 for $225K to $275K. Perhaps you could snag one for less and add the amount of HOA dues you would have paid into your retirement fund every month!
June 12, 2010 at 2:49 PM #564146Participant[quote=CONCHO] . . . But SFRs and multi-family units have other issues like termites, old construction, etc… so they’re not perfect either.
I think if one chooses very carefully though you might be able to get a decent bit of rental income in your retirement and a little work 30 years from now doing management of a couple of your own properties.[/quote]
Concho, you can kill termites with tent fumigation that YOU YOURSELF contract on YOUR OWN SFR (personal residence OR rental). Then you will have at least a two-year guarantee that they will not come back. You will NOT be in charge of a condo assn’s pest control contract nor will the assn. EVER likely tent fumigate, which is the ONLY KNOWN REMEDY to kill all living termites (and any other living thing left in there while the gas is dispersed).
Oftentimes, pier and post (heavy cedar/redwood piers) with a 2.5 high concrete stemwall (and perhaps another bracing wall down the middle) with a crawlspace makes it not only easier to replace plumbing but it is easier to inspect for termites. These types of homes (in CA) are a minimum of 60 years old and they are MUCH BETTER-BUILT that newer construction. You can always replace old sash or leaky windows and rehab this property little by little between tenants or even lay a new floor in a room while your loyal tenant is residing there!
With a condo, you will be paying 2-3 times the current HOA dues in 20-30 years (if they’re still “solvent”) plus whatever special assessments the Board of Directors votes in. As a retiree, you will have NOTHING TO DO but collect rent and listen to tenants whine about flaws within the unit that they want fixed. Any complaints your tenants have OUTSIDE THE WALLS of your unit will have to be directed to the HOA if they are legitimate. And let me tell you that HOA Boards will typically NOT SIDE with tenant-complaints.
Concho, had you considered purchasing a small, perhaps <1000 sf SFR for a rental? There are currently a few of these avail in 91910 for $225K to $275K. Perhaps you could snag one for less and add the amount of HOA dues you would have paid into your retirement fund every month!
June 12, 2010 at 2:49 PM #564430Participant[quote=CONCHO] . . . But SFRs and multi-family units have other issues like termites, old construction, etc… so they’re not perfect either.
I think if one chooses very carefully though you might be able to get a decent bit of rental income in your retirement and a little work 30 years from now doing management of a couple of your own properties.[/quote]
Concho, you can kill termites with tent fumigation that YOU YOURSELF contract on YOUR OWN SFR (personal residence OR rental). Then you will have at least a two-year guarantee that they will not come back. You will NOT be in charge of a condo assn’s pest control contract nor will the assn. EVER likely tent fumigate, which is the ONLY KNOWN REMEDY to kill all living termites (and any other living thing left in there while the gas is dispersed).
Oftentimes, pier and post (heavy cedar/redwood piers) with a 2.5 high concrete stemwall (and perhaps another bracing wall down the middle) with a crawlspace makes it not only easier to replace plumbing but it is easier to inspect for termites. These types of homes (in CA) are a minimum of 60 years old and they are MUCH BETTER-BUILT that newer construction. You can always replace old sash or leaky windows and rehab this property little by little between tenants or even lay a new floor in a room while your loyal tenant is residing there!
With a condo, you will be paying 2-3 times the current HOA dues in 20-30 years (if they’re still “solvent”) plus whatever special assessments the Board of Directors votes in. As a retiree, you will have NOTHING TO DO but collect rent and listen to tenants whine about flaws within the unit that they want fixed. Any complaints your tenants have OUTSIDE THE WALLS of your unit will have to be directed to the HOA if they are legitimate. And let me tell you that HOA Boards will typically NOT SIDE with tenant-complaints.
Concho, had you considered purchasing a small, perhaps <1000 sf SFR for a rental? There are currently a few of these avail in 91910 for $225K to $275K. Perhaps you could snag one for less and add the amount of HOA dues you would have paid into your retirement fund every month!
June 12, 2010 at 2:49 PM #563537Participant[quote=CONCHO] . . . But SFRs and multi-family units have other issues like termites, old construction, etc… so they’re not perfect either.
I think if one chooses very carefully though you might be able to get a decent bit of rental income in your retirement and a little work 30 years from now doing management of a couple of your own properties.[/quote]
Concho, you can kill termites with tent fumigation that YOU YOURSELF contract on YOUR OWN SFR (personal residence OR rental). Then you will have at least a two-year guarantee that they will not come back. You will NOT be in charge of a condo assn’s pest control contract nor will the assn. EVER likely tent fumigate, which is the ONLY KNOWN REMEDY to kill all living termites (and any other living thing left in there while the gas is dispersed).
Oftentimes, pier and post (heavy cedar/redwood piers) with a 2.5 high concrete stemwall (and perhaps another bracing wall down the middle) with a crawlspace makes it not only easier to replace plumbing but it is easier to inspect for termites. These types of homes (in CA) are a minimum of 60 years old and they are MUCH BETTER-BUILT that newer construction. You can always replace old sash or leaky windows and rehab this property little by little between tenants or even lay a new floor in a room while your loyal tenant is residing there!
With a condo, you will be paying 2-3 times the current HOA dues in 20-30 years (if they’re still “solvent”) plus whatever special assessments the Board of Directors votes in. As a retiree, you will have NOTHING TO DO but collect rent and listen to tenants whine about flaws within the unit that they want fixed. Any complaints your tenants have OUTSIDE THE WALLS of your unit will have to be directed to the HOA if they are legitimate. And let me tell you that HOA Boards will typically NOT SIDE with tenant-complaints.
Concho, had you considered purchasing a small, perhaps <1000 sf SFR for a rental? There are currently a few of these avail in 91910 for $225K to $275K. Perhaps you could snag one for less and add the amount of HOA dues you would have paid into your retirement fund every month!
June 12, 2010 at 3:53 PM #564206ParticipantHey, thanks for the tip, I will look into that. Those are some low prices for sure.
WRT termites the particular property I had noticed is a steel/concrete construction. I would never purchase any condo in a wood/stucco structure. Agreed that termite mitigation is much more easily dealt with in SFRs.
June 12, 2010 at 3:53 PM #563598ParticipantHey, thanks for the tip, I will look into that. Those are some low prices for sure.
WRT termites the particular property I had noticed is a steel/concrete construction. I would never purchase any condo in a wood/stucco structure. Agreed that termite mitigation is much more easily dealt with in SFRs.
June 12, 2010 at 3:53 PM #564489ParticipantHey, thanks for the tip, I will look into that. Those are some low prices for sure.
WRT termites the particular property I had noticed is a steel/concrete construction. I would never purchase any condo in a wood/stucco structure. Agreed that termite mitigation is much more easily dealt with in SFRs.
June 12, 2010 at 3:53 PM #564098ParticipantHey, thanks for the tip, I will look into that. Those are some low prices for sure.
WRT termites the particular property I had noticed is a steel/concrete construction. I would never purchase any condo in a wood/stucco structure. Agreed that termite mitigation is much more easily dealt with in SFRs.
-
AuthorPosts
- The forum ‘Buying and Selling RE’ is closed to new topics and replies.